5 RegTech platforms streamlining finance compliance in India

By Gloria Mathias

RegTech, short for Regulatory Technology, represents a rapidly evolving sector within the FinTech landscape. It encompasses a range of technologies and solutions aimed at helping financial institutions, including banks and FinTech companies, navigate and comply with regulatory requirements more efficiently and effectively.

In India, the RegTech sector is experiencing significant growth and innovation, driven by a complex regulatory environment and the increasing need for compliance automation and risk management solutions. FinTechs are pioneering this space by developing RegTech solutions tailored to the unique needs of the Indian market.

By leveraging technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and data analytics, these firms are revolutionising regulatory compliance processes, offering solutions for anti-money laundering (AML) and Know-Your-Customer (KYC) regulations, fraud detection, regulatory reporting, and more.

Banks and financial institutions in India are embracing RegTech solutions to streamline their compliance operations, enhance transparency, and mitigate regulatory risks.

Listed below are 5 RegTechs pioneering the financial ecosystem in India: 

• Digio

Digio is a RegTech startup providing digital document management solutions, specialising in electronic signatures, digital documents, and identity verification. Their platform streamlines workflows, improves efficiency, and enhances security for businesses, particularly in sectors like banking, finance, insurance, and legal, ensuring compliance with regulatory requirements.

• Electronic Payment and Services (EPS)

Electronic Payment and Services (EPS) specialises in providing RegTech solutions for payment processing. They offer services such as ATM and POS terminal management, card issuance, and transaction processing, ensuring compliance with regulatory requirements. EPS plays a key role in advancing India’s digital payments ecosystem while promoting financial inclusion and facilitating cashless transactions.

• FinBox

FinBox specialises in RegTech solutions for credit underwriting and risk assessment. Leveraging advanced data analytics and AI, they streamline lending processes for financial institutions and fintech companies. Their technology ensures compliance with regulatory requirements while enabling faster and more informed lending decisions, enhancing risk management, and promoting financial inclusion.

• IDfy

IDfy specialises in identity verification and fraud prevention solutions. Their platform uses AI and ML to verify customer identities remotely, facilitating smooth onboarding and compliance with regulations. They serve industries like banking, finance, insurance, eCommerce, and FinTech to reduce fraud and enhance trust in digital transactions.

• HyperVerge

HyperVerge specialises in AI-driven document processing and identity verification, with a focus on RegTech solutions. Their technology automates document-intensive processes like KYC verification and compliance checks, ensuring accuracy and efficiency. By streamlining operations, HyperVerge helps businesses enhance security, meet regulatory requirements, and improve customer experiences.